Saudi Electricity prices $2.7bn dual-tranche sukuk offering
The issuance consists of two tranches: a $1.25 billion 10-year green Sukuk tranche with a profit rate of 5.489% p.a., maturing on February 18, 2035, and a $1.5 billion 5-year conventional Sukuk tranche, maturing on February 18, 2030, with a profit rate of 5.225% p.a.
According to SEC, the green tranche of this offering marks SEC's fourth green sukuk tranche under its Green Sukuk Framework, with proceeds allocated to financing or refinancing eligible green projects in renewables and energy efficiency.
Since 2020, SEC has raised a total of $3.75 billion through green Sukuks, reinforcing its commitment to decarbonization and the continued expansion of its eligible green project portfolio.
This supports SEC's net-zero ambition by 2050 and aligns with its ESG strategic objective of advancing Saudi Arabia's energy transition in line with Vision 2030, said SEC in a statement.
On February 10, SEC held a virtual investor roadshow, attracting strong investor interest from Asia, Europe, and the Middle East.
The issuance was successfully priced the following day in an intraday transaction, with the order book exceeding $12 billion, representing an oversubscription of 4.3 times, it added.
According to SEC, the company maintains high investment-grade credit ratings from leading international rating agencies: Aa3 (stable) from Moody's, A+ (stable) from Fitch, and A (positive) from Standard & Poor's.
On the successful sukuk, Acting CEO Engineeer Khaled Al Ghamdi said: "This issuance reaffirms the company's ability to attract strong investor interest in international markets, supported by its robust credit standing and pivotal role in providing sustainable and highly reliable energy solutions."
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